This testimony discusses our first report on the newly created Troubled Asset Relief Program (TARP), which gave the Department of Treasury the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through the Office of Financial Stability (OFS). Treasury...
The current economic downturn has brought significant financial stress to the auto manufacturing industry. Recent deteriorating financial, real estate, and labor markets have reduced consumer confidence and available credit, and automobile purchases have declined. While auto manufacturers broadly have...
The current economic downturn has brought significant financial stress to the auto manufacturing industry. Recent deteriorating financial, real estate, and labor markets have reduced consumer confidence and available credit, and automobile purchases have declined. While auto manufacturers broadly have...
The upcoming 2009 transition will be a unique and critical period for the U.S. government. It marks the first wartime presidential transition in 40 years. It will also be the first administration change for the relatively new Department of Homeland Security operating in the post 9/11 environment. The...
The upcoming 2009 transition will be a unique and critical period for the U.S. government. It marks the first wartime presidential transition in 40 years. It will also be the first administration change for the relatively new Department of Homeland Security operating in the post 9/11 environment. The...
In January 2007, the President announced a new U.S. strategy to stem the violence in Iraq and help the Iraqi government foster conditions for national reconciliation. In The New Way Forward, the Administration articulated near-term goals to achieve over a 12- to 18-month period and reasserted the end...
The Congress and the President need to have reliable, useful and timely financial and performance information to make sound decisions on the current and future direction of vital federal government programs and policies. Unfortunately, except for the 2007 Statement of Social Insurance, GAO was again...
GAO was asked to provide its views on the long-term fiscal outlook. This statement addresses four key points: (1) the federal government's long-term fiscal outlook is a matter of utmost concern; (2) this challenge is driven primarily by health care cost growth; (3) reform of health care is essential...
The Congress and the President need to have reliable, useful and timely financial and performance information to make sound decisions on the current and future direction of vital federal government programs and policies. Unfortunately, except for the 2007 Statement of Social Insurance, GAO was again...
Since 2002, destroying the terrorist threat and closing safe havens have been key national security goals. The United States has provided Pakistan, a key ally in the war on terror, more than $10 billion in funds and assistance. Pakistan's Federally Administered Tribal Areas' (FATA) rugged terrain, poor...
The budget authority GAO is requesting for fiscal year 2009--$545.5 million--represents a prudent request of 7.5 percent to support the Congress as it confronts a growing array of difficult challenges. GAO will continue to reward the confidence Congress places in us by providing a strong return on this...
The budget authority GAO is requesting for fiscal year 2009--$545.5 million--represents a prudent request of 7.5 percent to support the Congress as it confronts a growing array of difficult challenges. GAO will continue to reward the confidence you place in us by providing a strong return on this investment....
Today's testimony discusses several important topics: (1) provisions of H.R. 3268, the GAO Act, that would bolster our ability to attract and retain a highly skilled and diverse workforce needed to serve the Congress and provide for operational improvements and administrative efficiencies; (2) steps...